Skip to content

JPMorgan Gold Desk Ripped Off Market for Years, Jurors Told

  • US says three from bank ‘decided to cheat’ with spoof trades
  • Defense says orders were genuine, didn’t manipulate prices
Michael Nowak, center, arrives at federal court in Chicago on July 8.
Michael Nowak, center, arrives at federal court in Chicago on July 8.Photographer: Cheney Orr/Bloomberg
Updated on

The precious-metals business at JPMorgan Chase & Co. operated for years as a corrupt group of traders and sales staff who manipulated gold and silver markets for the benefit of the bank and its prized clients, a federal prosecutor told jurors in Chicago.

“This case is about a criminal conspiracy inside one of Wall Street’s largest banks,” said Lucy Jennings, a prosecutor with the Justice Department’s fraud section. “To make more money for themselves, they decided to cheat.”